Global Construction Software Market Highlights 2022 – 2030
The global construction software market is estimated to garner a large amount of revenue and grow at a CAGR of ~9% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing requirements for large-scale project management, and ongoing research and development activities to design improved versions of the software. Along with these, rising application areas of lean management in the construction industry, and escalating investments to enhance the productivity of the companies are also expected to drive significant growth to the market in the forthcoming years. Furthermore, surge in adoption of cloud-based solutions, and increasing private and public investments in the construction sector are projected to offer profitable opportunities to the market in the near future. As of 2021, more than 80 percent of the organizations have adopted a multi-cloud strategy. Whereas, about 65 percent of the organizations operate on cloud-based environments.
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The market is segmented by end user into builders, technology innovators, researchers, distribution vendors, and government, out of which, the technology innovators segment is anticipated to observe notable growth in the global construction software market. This can be accounted to the high usage of the product by technology innovators to plan, design and collaborate during construction lifecycle. Apart from this, construction software helps sub-contractors connect with designers and provide an accurate visual representation to the sub-contractor for validating costs, which is another factor predicted to boost the growth of the market segment in the future. Additionally, on the basis of deployment, the cloud segment is assessed to occupy the largest share during the forecast period owing to the high scalability, flexibility and cost-effectiveness of cloud computing. Moreover, the increasing advancements towards construction 4.0 is also expected to significantly drive the growth of the segment during the forecast period.
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Global Construction Software Market Regional Synopsis
On the basis of geographical analysis, the global construction software market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Europe is estimated to witness noteworthy growth over the forecast period on the back of the growing technological innovations in the IT sector, and increasing activities for infrastructural development in the region. Moreover, the market in North America is evaluated to grab the largest share during the forecast period, which can be credited to the high volume of construction projects, and early adoption of technology. On an average, more than 1 million new housing units are planned every year in the United States. The construction industry represents about 4 percent of the total GDP of the country. In addition, strong presence of market players is also anticipated to boost the region’s market growth in the coming years.
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The global construction software market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
Market Segmentation
Our in-depth analysis of the global construction software market includes the following segments:
By Deployment
- Cloud
- On-Premise
By End User
- Builders
- Technology Innovators
- Researchers
- Distribution Vendors
- Government
Growth Drivers
- Growing Requirements for Large-Scale Project Management
- Ongoing Research and Development Activities to Design Improved Versions of the Software
Challenges
- Interoperability Issues Associated with the Construction Software
Top Featured Companies Dominating the Market
- Sage Group Plc
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Oracle Corporation
- Constellation Software, Inc.
- Comprotex Software Inc.
- Autodesk Inc.
- Bentley Systems Inc.
- Buildertrend Solutions Inc.
- ConstructConnect Inc.
- Odoo SA
- Trimble, Inc.
